First Internet Bank of Indiana Business Savings Account Review 2025

At a glance

First Internet Bank of Indiana business savings account overview

Founded in 1999, First Internet Bank of Indiana was an early pioneer in online banking and now offers a range of digital banking products for businesses. Their Money Market Savings account has a tiered interest rate structure that rewards higher balances with better yields. 

The bank offers business checking accounts that work well with their savings options through their "Balance Optimizer" tool, which automatically moves excess funds between accounts to boost interest earnings.

Where First Internet Bank of Indiana stands out

• High-yield potential for large balances. First Internet Bank of Indiana gives businesses with sizable cash reserves a chance to earn higher interest, with daily balances above $5 million earning 4.42 percent annual percentage yield (APY). Even accounts with lower balances earn a solid 3.46 percent APY, beating what many traditional brick-and-mortar banks offer.
• Low initial deposit. The Money Market Savings account requires just $100 to open, putting it within reach for many businesses. This modest entry point allows growing companies to start a relationship with the bank while building their savings over time.
• Automatic savings optimization. The bank's "Balance Optimizer" feature stands out as a useful tool for business owners who want better returns without constantly monitoring accounts. This system moves excess funds between checking and savings accounts while keeping your preferred minimum checking balance, helping your money work harder automatically.
• Extended customer support hours. Unlike some online banks, First Internet Bank offers business support on weekends. Representatives are available by phone from 7 a.m. to 9 p.m. EST Monday through Friday and 9 a.m. to 3 p.m. EST on Saturdays, giving you help when you need it.

Where First Internet Bank of Indiana could improve

• Limited cash deposit options. The bank's online-focused model creates issues for cash-heavy businesses. Cash deposits can only be made at the bank's one physical branch in Fishers, Indiana, making this account impractical for businesses that handle lots of cash unless they have accounts with other banks for deposits.
• Monthly maintenance fee. While the $5 monthly fee is modest and can be avoided with a $4,000 average daily balance, businesses with lower cash reserves might find better options elsewhere with no-fee business savings accounts.
• Limited withdrawal options for non-sole proprietors. While sole proprietors get ATM cards, other business types can't access their Money Market Savings funds via ATM or checks. They must use ACH or wire transfers, which might delay fund access when needed urgently.
• Extended hold times on deposits. New accounts face up to nine business days of hold time on mobile check deposits, while established accounts may wait up to seven business days for large deposits over $5,525 in a single day. These holds could cause problems for businesses needing quick access to their deposited money.

First Internet Bank of Indiana customer experience

Customer support

First Internet Bank offers business customers support through several channels. Phone support runs from 7 a.m. to 9 p.m. EST Monday through Friday and 9 a.m. to 3 p.m. EST on Saturdays — longer hours than many online banks. 

Customers can also send secure messages within the banking system. The bank doesn't offer 24/7 support, which could be a problem during off-hours emergencies.

Digital experience

As an online-first bank, First Internet Bank provides robust online and mobile banking tools. Business customers can manage accounts, move money, deposit checks and set up automatic savings rules. 

The mobile app has solid ratings (4.8 out of 5 stars in the Apple store and 4.4 out of 5 stars in the Google Play store). The bank also offers text banking for quick balance checks without logging into the full system.

How First Internet Bank of Indiana compares to other banks

First Internet Bank of Indiana's business savings options hold up well against other digital banks, especially for businesses with bigger cash reserves. When comparing features and rates with other institutions, it's competitive with both online and traditional banks.

First Internet Bank vs. Charles Schwab Bank

Charles Schwab Bank offers a business savings account with a much lower APY of 0.15 percent compared to First Internet Bank's 3.46 percent for balances under $5 million. However, Schwab doesn't charge monthly maintenance fees regardless of balance, while First Internet Bank requires $4,000 to avoid its $5 monthly fee. 

For businesses primarily looking to earn interest on their savings, First Internet Bank offers much better returns, while those wanting a simpler fee structure might prefer Schwab.

First Internet Bank vs. Chase

Chase Business Total Savings offers widespread branch access through its network of over 4,700 locations nationwide, something First Internet Bank can't match with its single physical branch. 

However, Chase's APY (0.01 percent) is far lower than First Internet Bank's rates. Chase's monthly fee is higher at $10 (waived with a $1,000 minimum balance or linked Chase Business Complete Checking account). 

Businesses that prefer in-person banking might choose Chase, while those focused on earning higher returns would find First Internet Bank more rewarding.

Is First Internet Bank of Indiana right for you?

Who First Internet Bank is best for

First Internet Bank of Indiana works well for established businesses with solid cash reserves wanting to earn more interest. Companies that keep average balances above $4,000 will benefit from both the waived monthly fee and good interest rates. 

The bank is a solid fit for businesses comfortable with online banking who don't need to deposit cash regularly. The automatic Balance Optimizer tool is great for business owners who want better cash management without constant oversight. Businesses operating during extended hours will appreciate the bank's weekend customer support.

Who First Internet Bank might not be best for

First Internet Bank isn't ideal for cash-intensive businesses needing to make frequent cash deposits, as its online model limits physical deposit options. Very small or new businesses operating with minimal reserves may have trouble keeping the $4,000 average daily balance needed to avoid monthly fees. 

Businesses needing immediate access to deposited funds should look elsewhere, as the bank's hold times on deposits (up to nine business days for new accounts) could create cash flow issues. Finally, businesses preferring face-to-face banking would be better off with a bank offering more branches.

How to open a business savings account with First Internet Bank of Indiana

1. Visit the First Internet Bank website and select "Business" from the main menu.
2. Go to the "Savings & CDs" section under Business Deposits.
3. Choose either the Regular Savings or Money Market Savings option and click "Open an account."
4. Fill out the online application form, which asks for basic business information including your Employer Identification Number (EIN) or Social Security Number (for sole proprietors), business formation documents, and ownership details.
5. Confirm your identity by submitting the required documentation, which may include a business license and articles of incorporation.
6. Fund your new account with at least $100 via electronic transfer from an existing account, wire transfer, or check.
7. Create online banking credentials to access and manage your new business savings account.
8. If you also have a First Internet Bank checking account, set up the Balance Optimizer feature to boost interest earnings.

How we rated this account

Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity.

Bankrate evaluates business savings accounts using a 5-star rating system that weighs factors most important to business owners. Our methodology assigns the highest weight (50 percent) to APY offerings, as earning potential is crucial for business cash reserves. We also consider monthly service fees (20 percent), minimum balance requirements (20 percent) and account accessibility (10 percent). 

Accounts receive higher scores for competitive interest rates, low or no monthly fees, reasonable minimum balance requirements and flexible access options including online transfers, mobile deposit and ATM access.

Learn more about our methodology here.

Review methodology

Choosing the right business savings account can significantly impact your company's financial health. Bankrate's comprehensive list of business savings account reviews is regularly updated to help business owners make informed decisions. Our editorial team thoroughly analyzes each financial institution's business savings offerings, evaluating key factors including APY, minimum deposit requirements, monthly service fees, balance requirements and account accessibility options.

We research accounts from national banks, online banks, credit unions and regional institutions to provide a wide range of options for businesses of all sizes. Our team collects data directly from financial institutions, verifying information through multiple sources to ensure accuracy. This rigorous process helps us identify accounts that offer the best combination of competitive rates, low fees and business-friendly features.